The deal values TowerCo at $4.91 billion and supports BCE’s debt-reduction target
BCE Inc. will sell 49.9% of a new Bell wireless tower company to pension investor La Caisse for $2.45 billion.
Bell Canada signed a definitive agreement on Tuesday, BCE said. The deal values the company, called TowerCo, at about $4.91 billion. Bell keeps a 50.1% controlling stake. The transaction is expected to close in the first quarter of 2027, pending regulatory approvals.
What the deal covers
TowerCo will own and operate Bell’s passive wireless sites. That is more than 5,000 sites across Canada, which the companies say makes it the country’s largest dedicated tower company.
- Structure: Bell will lease capacity on the transferred towers. TowerCo is expected to have no financial debt at closing, and Bell will consolidate its results.
- What Bell keeps: Bell retains its spectrum, all active network equipment and owned land. It will keep access to existing sites through long-term agreements.
- Growth plan: The Montréal-based company will focus on new site builds, site densification and third-party colocation.
Why it matters for investors
BCE said the sale fits the capital allocation strategy it set at its 2025 Investor Day. That includes a net debt leverage ratio of 3.5x by the end of 2027. It also gives BCE flexibility to fund growth areas, including AI-powered solutions.
“This partnership unlocks the significant value embedded in our infrastructure assets while continuing to operate the award-winning wireless network our customers rely on every day,” said Mirko Bibic, president and CEO of BCE and Bell Canada.
For La Caisse, the deal extends a pattern. In 2025, it completed the purchase of 49.9% of Telus’s tower business, Terrion, for $1.26 billion. That deal valued Terrion at about $2.5 billion.
A Desjardins analyst put the Telus deal at more than $800,000 per tower, Business in Vancouver reported. By this writer’s calculation, Bell’s valuation implies less than $1 million per site.
La Caisse held $552 billion in net assets as of June 30. It manages money for 48 depositors representing more than 6 million Quebecers.
“A telecom tower can carry more than one network,” said Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse.
J. Bruce Furlong, TowerCo’s CEO, said the company is “building a dedicated team exclusively focused on the development, operation and long-term growth of premier wireless tower infrastructure across Canada.”
For pension and benefits investors, the deal offers another valuation marker for long-term, contracted telecom infrastructure.
